According to Deloitte's Southeast Asia Mid-Year Initial Public Offering (IPO) Snapshot report released on July 10, the four market debuts raised more than $830 million, with total market capitalisation reaching $6.93 billion. Compared with the first half of 2025, IPO proceeds increased by 27 per cent and market capitalisation rose by 46 per cent.

The report points out that the IPO market recovered momentum despite relatively low deal volume, supported by regulatory reforms and a robust pipeline of sizeable listings. Vietnam continues to position itself mid-tier in terms of number of IPOs but competitive in fundraising, consistent with its 2025 performance where blockbuster deals drove proceeds.

The country ranks highly in IPO market capitalisation, with the four IPOs so far this year featuring prominently within the top 10 listings in Southeast Asia, underscoring its growing significance as a value-driven market.

Vietnam’s upgrade from frontier to FTSE secondary emerging market status marks a significant capital market milestone, expected to enhance foreign investor participation, improve liquidity and increase visibility within global emerging market portfolios. The upgrade was supported by key reforms, including the global broker model, removal of pre-funding frictions and settlement process improvements, with phased implementation from September 21 and full inclusion expected by September 2027.

The report highlights a resilient Southeast Asian IPO market that continues to attract larger and higher-quality listings despite a moderation in overall volumes. The first half of 2026 saw 47 IPOs across the region, raising more than $3.07 billion in proceeds and achieving an aggregate market capitalisation of $15.07 billion, compared to 53 IPOs, $1.41 billion in proceeds, and $7.70 billion in IPO market capitalisation in the first half of 2025.

While the number of IPOs declined by 11 per cent on-year, the market demonstrated a significant shift towards larger transactions. Compared to the first half of 2025, proceeds from IPOs increased by 117 per cent and market capitalisation rose by 96 per cent, with the average deal size growing from $26 million to $65 million, representing a 2.4-times increase. This reflects a continued trend of quality taking precedence over quantity as investors focus on larger, stronger, and more mature issuers.

The region's performance was supported by three blockbuster IPOs that each raised more than $500 million: UI Boustead REIT (Singapore), Sunway Healthcare Holdings Berhad (Malaysia), and Dien May Xanh Investment Joint Stock (Vietnam). Together, these listings contributed more than $8.93 billion in IPO market capitalisation. In contrast, there were no IPOs exceeding $500 million in proceeds in the first half of 2025. Southeast Asia recorded three IPOs with market capitalisations above $1 billion in the first six months of 2026, matching the number achieved for the same period last year.

Looking ahead to the second half of the year, the Southeast Asia IPO market is expected to remain healthy, supported by a strong pipeline of issuers, improving investor sentiment, and easing interest rate conditions. While overall listing volumes may remain selective, the market is expected to continue favouring fewer but larger and higher-quality transactions.